ASLAN Pharmaceuticals (ASLN) Prices 75M Share Common Offering at $4/Sh
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ASLAN Pharmaceuticals (NASDAQ: ASLN), a clinical-stage immunology focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced the pricing of an underwritten public offering of 15,000,000 American Depositary Shares (“ADSs”) representing 75,000,000 ordinary shares at a price to the public of $4.00 per ADS. The gross proceeds from this offering are expected to be $60.0 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by ASLAN. The offering is expected to close on or about March 5, 2021, subject to customary closing conditions. In addition, ASLAN has granted the underwriters a 30-day option to purchase up to 2,250,000 additional ADSs at the public offering price, less the underwriting discounts and commissions.
ASLAN expects to use the net proceeds from the offering, together with its existing cash and cash equivalents, primarily to fund its planned ASLAN004 Phase 2b dose-range-finding trial in moderate-to-severe atopic dermatitis patients. ASLAN is also required to repay $2.25 million of principal amount plus accrued and unpaid interest under its loan facilities entered into in October and November 2019 with the net proceeds from this offering. The remainder of the net proceeds, if any, will be used to fund new and other ongoing research and development activities, working capital and other general corporate purposes.
Jefferies LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering.
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